BRICS (Brazil, Russia, India, China and South Arica) grouping of leading emerging economies is expected to launch Development Bank and currency reserve pool at its July summit in Ufa, Russian President Vladimir Putin said on Thursday.

BRICS (Brazil, Russia, India, China and South Arica) grouping of leading emerging economies is expected to launch Development Bank and currency reserve pool at its July summit in Ufa, Russian President Vladimir Putin said on Thursday.

"We expect to reach agreement in Ufa on the launch of practical operations of the BRICS Bank and a pool of currency reserves," Putin said at a ceremony of receiving credentials from the ambassadors of foreign states.

BRICS was established in 2006 on Russia’s initiative and this association "has already become an influential factor in world policy and economy," Putin said.

"Russia is interested in further intensifying cooperation between the BRICS countries and developing new interaction mechanisms, including in the financial and economic sphere," the Russian president said.

Putin also said an additional impulse would be given in the coming days "to the development of inter-parliamentary relations, humanitarian and information cooperation, the intensification of contacts between trade unions and non-governmental organizations."